The local Valencian government is hoping that Bernie Ecclestone will be open to renegotiating their contract to host the European GP.
The local government has already spoken with Ecclestone about their present financial difficulties in hosting the grand prix, which runs through the streets of Valencia.
One solution that has been raised is for Spain's two venues, Valencia and Barcelona, which plays host to the Spanish GP, to alternate races.
For now, though, Valencia is still waiting to hear what Ecclestone has to say about the problem as breaking their deal with the F1 supremo is not see as a viable option.
"There is a penalty of two years of fees and then a submission to the English courts for a possible (further) compensation," crash.net reports Valencia's regional president Alberto Fabra as having told EP.
"The only viable option is to renegotiate the contract.
"Now we are waiting for a response from him and, after contact with different organisations and also with Catalonia, he will tell us what are the alternatives.
"I'm waiting for what Ecclestone says, being aware of our economic situation, that allows us to continue with the grand prix."
